Allsop’s Commercial Auction in
December offered 159 lots and
raised £80.05 million, reflecting
a success rate of approximately
78 per cent, their biggest
December Auction for two years
and 30 per cent up on last year.
Average lot price was £641,406
(£660,760 in October), 20 lots sold
over £1 million, three of which
were over £2 million. Seven first
class public house investments
on behalf of Enterprise Inns plc
sold, reflecting an average price
of £1,655,000.
The largest lot was Lot 117,
a Leicester petrol filling station
(above) let to Total UK Ltd at a
rent of £222,037 pa, which sold
for £2.5 million.
At Allsop’s Residential Auction,
also held in December, the £50m
realised took the Residential
Team’s sales tally to over £325m
for 2009 and the year’s average
success rate to 88 per cent (86 per
cent in 2008). The overall sales
figure for the firm’s residential and
commercial sales closed at £756m
and 87 per cent (£698m and
84 per cent in 2008). The sale,
which was approximately 40 per
cent distressed stock, was again
dominated by cash buyers. Partner
and auctioneer, Gary Murphy,
commented, “Bank lending remains tight and, although most
of our regular buyers have a
healthy appetite for sensibly priced
stock, several have remarked upon
what they consider to be severely
protracted procedures for securing
debt, even at much reduced loan
to value ratios. “I also sense an
increasing degree of prudence.
As prices paid require more equity,
buying decisions are not being
taken lightly. Bidding was
disciplined. As one buyer put it,
now’s the time to be sensible.”
The largest lots of the sale,
all located in traditionally sought
after central London locations,
attracted keen interest. Lot 25 in
Chelsea, London SW3, a freehold
mid terrace building arranged as
three flats. Producing £44,440 pa.
Sold for £2.25m against a guide
price of £1.9m.
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